Krishna (Advocate) (88 Points)
10 July 2011Mr. A is doing WHOLE SALE trading business in TEXTILES, His Turnover for the FY: 2010-2011 is 50,00,000.00
his net profit is 2.00.000.00, He is maintaining PROPER BOOKS OF ACCOUNTS, Please enlighten
he should show 8 % ?, otherwise Audint u/s 44ab is mandatory.
M. N. JHA
(CA)
(8316 Points)
Replied 10 July 2011
| Originally posted by : Krishna | ||
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Mr. A is doing WHOLE SALE trading business in TEXTILES, His Turnover for the FY: 2010-2011 is 50,00,000.00 his net profit is 2.00.000.00, He is maintaining PROPER BOOKS OF ACCOUNTS, Please enlighten he should show 8 % ?, otherwise Audint u/s 44ab is mandatory. |
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yes as per my knowledge audit is complulsory in ur case beacuse ur profit was 4% only which is less then 8%.......... if u want to show profit less then 8% then audit is compulsory..........
shushantsinghal
(BCOM(HONS),C.A)
(283 Points)
Replied 10 July 2011
agreed......in nutsheel
| Turnover less than 60 lakh & profit is less than 8% | Through Section 44 AD to section 44 AA & section 44ab |
Bhargav
(Practising CA)
(567 Points)
Replied 11 July 2011
| Originally posted by : Mr. JHA | ||
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Originally posted by : Krishna Mr. A is doing WHOLE SALE trading business in TEXTILES, His Turnover for the FY: 2010-2011 is 50,00,000.00 his net profit is 2.00.000.00, He is maintaining PROPER BOOKS OF ACCOUNTS, Please enlighten he should show 8 % ?, otherwise Audint u/s 44ab is mandatory. yes as per my knowledge audit is complulsory in ur case beacuse ur profit was 4% only which is less then 8%.......... if u want to show profit less then 8% then audit is compulsory.......... |
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AGREED
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